.Oil and Gas Firm (ONGC) has improved its shareholding in ONGC Petro add-ons Limited (OPaL) to 91.16%, complying with the sale of Compulsorily Convertible Debentures (CCDs).
What Happened: The statement was actually produced by ONGC on Thursday evening. The provider's panel had approved the buy-back of CCDs provided by OPaL worth 7,778 crore in 3 tranches from banks, banking companies, mutual funds, and various other holders. The transformation of these CCDs right into equity portions resulted in the slice of 61,070 lakh equity allotments to ONGC.
The conversion of 2 tranches of CCDs (I & III tranches of 5,615 crore and 492 crore respectively) amounting to 6,107 crore caused the boost in ONGC's stake in OPaL from 81.28% to 91.16%.
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" Upon publication of 61,070 lakh portions, the shareholding of the Firm in OPaL increased coming from 81.28% to 91.16% equity reveals," the provider stated in its formal interaction.
Last month, ONGC secured approval coming from the Federal government of India to put in 18,365 crore right into OPaL. This allowed financial investment consisted of an extra equity funds mixture of as much as 10,501 crore, conversion of CCDs worth 7,778 crore, and a harmony remittance of 86 crore referring to discuss warrants. This expenditure was actually anticipated to boost OPaL to a subsidiary of ONGC, along with the latter owning a 95.69% equity stake.
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Engineered through Benzinga Neuro, Edited through.Utkarsh Roshan.
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